Wipro unit eyes personal care assets of UK`s Lornamead
The consumer products unit of Wipro Ltd is in advanced talks to buy some assets of British personal care company Lornamead, a newspaper report said on Tuesday.
New Delhi: The consumer products unit of Wipro Ltd is in advanced talks to buy some assets of British personal care company Lornamead, a newspaper report said on Tuesday.
Wipro, which gets bulk of its revenue from IT services and has interests in computer hardware, consumer care and lighting, plans to buy Lornamead assets to boost its overseas presence, the daily said citing people familiar with the development.
The report, published in Economic Times newspaper, said that it could not ascertain the size of the deal with privately held Lornamead that had nearly 40 brands, including Yardley and Tura, across 82 countries and whose turnover was estimated to be about USD 650 million.
A Wipro spokeswoman said that the company would not comment on speculation.
Wipro, majority owned by its billionaire chairman Azim Premji, acquired Singapore`s Unza Holdings, which makes personal care products, for about USD 246 million in 2007 to expand its overseas markets.